Pak, China soon to set up Joint Power Corporation

Islamabad , Oct 5 (ANI): Pakistan and China would soon establish a joint body to attract investments for nuclear and coal-based power plants and large dams in the country, sources in Pakistan s Water and Power Ministry said.

The Pak-China Joint Power Corporation will help in developing technology and technical expertise for the new power projects, the sources added.

Pakistani and Chinese authorities had discussed the proposal during a meeting in the Foreign Office on September 24 and had decided that a framework for the organisation would be devised in a minister-level meeting in China soon, the Daily Times quoted them as saying.

They said President Asif Ali Zardari and his Chinese counterpart are expected to make an announcement in this regard after their meeting in China .

The Corporation will solicit investment from Chinese investors for the Basha Dam project, the Thar Coal project and phases 3 and 4 of the Chashma nuclear power plant.

Construction of Basha Dam was likely to begin in one years time, as the Water and Power Development Authority (WAPDA) had completed its design and was working on the process of pre-bidding for the construction contract, they added.

The two new nuclear power projects at Chashma would cost Rs 129.37 billion that would generate 640 megawatts of power, the sources said, and added that the government had allocated Rs 100 million for the projects in the Public Sector Development Programme (PSDP) for the 2008-09 fiscal year, and expects to get Rs 80.36 billion for the projects from international donor institutions and other countries. (ANI)